Lightbridge Provides Business Update and Announces Second Quarter 2025 Financial Results

Rhea-AI Summary

Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, reported significant progress in Q2 2025 along with financial results. The company achieved key milestones including successful co-extrusion demonstration at Idaho National Laboratory and completion of final experiment design review for upcoming irradiation testing.

Financial highlights show a strong position with $97.9 million in cash and cash equivalents and $97.2 million in working capital as of June 30, 2025. The company reported a net loss of $3.5 million for Q2 2025, compared to $2.4 million in Q2 2024, primarily due to increased R&D and administrative expenses. R&D expenses increased to $1.6 million, up from $0.9 million in the same quarter last year.

Positive

• Strong cash position with $97.9 million in cash and equivalents, up from $40.0 million at end of 2024
• Successful technical milestones achieved including co-extrusion demonstration and final experiment design review
• Inclusion in Russell 2000® and Russell 3000® Indexes, enhancing institutional investor visibility
• Favorable political environment with new Executive Orders supporting nuclear technologies

Negative

• Net loss increased to $3.5 million in Q2 2025, up from $2.4 million in Q2 2024
• R&D expenses increased 78% to $1.6 million from $0.9 million year-over-year
• General and administrative expenses rose 39% to $2.5 million from $1.8 million year-over-year

Insights

Nuclear Industry & Financial Analyst

Lightbridge's nuclear fuel development progresses with strong $97.9M cash position despite widening losses as R&D investment accelerates.

Lightbridge's Q2 2025 results showcase a significantly strengthened balance sheet with $97.9 million in cash (up from $40 million at 2024 year-end), providing substantial runway for their advanced nuclear fuel development. This 144% cash increase came primarily through their at-the-market equity facility, raising $63.5 million in the first half of 2025.

The company is accelerating its R&D expenditures, which increased 77.8% year-over-year to $1.6 million for Q2, focusing on Idaho National Laboratory collaborations. This acceleration follows several critical technical milestones, including successful co-extrusion demonstrations and the fabrication of enriched uranium-zirconium alloy samples for upcoming irradiation tests.

However, the increased R&D pace has widened Lightbridge's losses. Q2 net loss grew to $3.5 million versus $2.4 million in Q2 2024, a 45.8% increase. Six-month losses reached $8.3 million, up 59.6% from $5.2 million in the comparable 2024 period.

The political environment appears increasingly supportive, with executive orders focusing on power uprates and advanced nuclear technologies - both potential tailwinds for Lightbridge's fuel technology, which aims to improve power output and safety in existing and new reactors. Their inclusion in the Russell 2000® and Russell 3000® Indexes may enhance institutional investor visibility.

While cash burn has increased to $5.6 million for H1 2025 (51.4% higher than H1 2024), their $97.2 million working capital position provides approximately 8.7 quarters of runway at current burn rates, giving them substantial financial flexibility to advance through upcoming testing phases using the accelerated FAST method at Idaho National Laboratory.

RESTON, Va., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge” or the “Company”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the second quarter ended June 30, 2025, and provided an update on the Company’s continued progress.

Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “The six months of 2025 marked a period of exceptional progress for Lightbridge as we advanced our nuclear fuel technology. We achieved several critical milestones that position us strongly for the future, including successful co-extrusion demonstration at Idaho National Laboratory in February, completing the final experiment design review in June for our upcoming irradiation testing in the Advanced Test Reactor, and, most recently, successful fabrication of enriched uranium-zirconium alloy coupon samples that will undergo irradiation testing.”

“The political environment has become increasingly favorable for nuclear energy, with President Trump’s nuclear energy Executive Orders in May including a focus on power uprates and federal support for advanced nuclear technologies. Our inclusion in the Russell 2000® and Russell 3000® Indexes validates our progress and enhances our visibility among institutional investors. As we look ahead, we are well-positioned to benefit from the Fission Accelerated Steady-state Testing (FAST) method at Idaho National Laboratory, which we expect will expedite our irradiation testing timeline. We remain on track to generate the critical performance data needed to support our regulatory licensing efforts and commercial deployment of Lightbridge Fuel,” concluded Mr. Grae.

Larry Goldman, Chief Financial Officer of Lightbridge Corporation, commented, “We ended the second quarter of 2025 with a strong financial position, including $97.9 million in cash and cash equivalents and $97.2 million in working capital as of June 30, 2025. We believe this capital base positions us well to support our fuel development activities and provides us with the financial flexibility to pursue our strategic objectives.”

Financial Highlights

Working capital was $97.2 million at June 30, 2025, compared to $39.9 million at December 31, 2024. 

Cash Flows Summary

Cash and cash equivalents were $97.9 million, compared to $40.0 million at December 31, 2024, an increase of $57.9 million for the six months ended June 30, 2025, consisting of the following:

• Cash used in operating activities for the six months ended June 30, 2025, was $5.6 million, an increase of $1.9 million compared to $3.7 million for the six months ended June 30, 2024. The increase was primarily due to increased spending on research and development (R&D) and general and administrative expenses.
  

• Cash provided by financing activities for the six months ended June 30, 2025, was $63.5 million, an increase of $61.3 million compared to $2.2 million for the six months ended June 30, 2024. This increase was primarily due to an increase in the net proceeds received from the issuance of common stock under our at-the-market facility of $60.9 million and net proceeds from the exercise of stock options of $0.6 million, partially offset by an increase in net share settlement of equity awards for the payment of withholding taxes of $0.2 million.
  

Balance Sheet Summary

Total assets were $99.0 million and total liabilities were $1.2 million at June 30, 2025.

• Stockholders’ equity was $97.8 million at June 30, 2025, as compared to $40.5 million at December 31, 2024.
  

Second Quarter 2025 Operations Summary

• General and administrative expenses amounted to $2.5 million for the second quarter ended June 30, 2025, compared to $1.8 million for the second quarter ended June 30, 2024. The increase of $0.7 million was primarily due to an increase in IT services fees of $0.1 million, an increase in subscription expense of $0.1 million, an increase in professional fees of $0.3 million, and an increase in stock-based compensation of $0.2 million.
  

• Lightbridge’s total R&D expenses amounted to $1.6 million for the second quarter ended June 30, 2025, compared to $0.9 million for the second quarter ended June 30, 2024, an increase of $0.7 million. This increase was due to the increase in R&D activities related to the development of Lightbridge Fuel. This increase primarily consisted of an increase in Idaho National Laboratories (INL) project labor costs of $0.5 million, an increase in allocated employee compensation and stock-based compensation expenses of $0.1 million and an increase of other R&D expenses of $0.2 million offset by a decrease in R&D expenses related to the Romania feasibility study of $0.1 million, which study was completed in 2024.
  

• Total other income was $0.6 million for the second quarter ended June 30, 2025, compared to $0.3 million for the second quarter ended June 30, 2024. Other income consisted of interest income earned from the purchase of treasury bills and our bank savings account.
  

• Net loss was $3.5 million for the second quarter ended June 30, 2025, compared to $2.4 million for the second quarter ended June 30, 2024.
  

The Six Months Ended June 30, 2025 - Operations Summary

• General and administrative expenses amounted to $6.0 million for the six months ended June 30, 2025, compared to $4.0 million for the six months ended June 30, 2024. The increase of $2.0 million was primarily due to an increase in consulting fees of $0.1 million, an increase in IT services fees of $0.1 million, an increase in professional fees of $0.7 million, an increase in employee compensation and employee benefits of $0.2 million, and an increase in stock-based compensation of $0.9 million primarily due to the accelerated vesting of restricted stock awards issued to a former employee of $0.5 million.
  

• Lightbridge’s total R&D expenses amounted to $3.3 million for the six months ended June 30, 2025, compared to $1.9 million for the six months ended June 30, 2024, an increase of $1.4 million. This increase primarily consisted of an increase in INL project labor costs of $0.9 million, an increase in allocated employee compensation and stock-based compensation expenses of $0.7 million, and an increase in IT services fees of $0.1 million, partially offset by a decrease in R&D expenses related to the Romania feasibility study and Centrus Energy FEED study of $0.3 million, both of which studies were completed in 2024.
  

• Total other income was $1.0 million for the six months ended June 30, 2025, compared to $0.7 million for the six months ended June 30, 2024. Other income consisted of interest income earned from the purchase of treasury bills and our bank savings account.
  

• Net loss was $8.3 million for the six months ended June 30, 2025, compared to $5.2 million for the six months ended June 30, 2024.
  

CONFERENCE CALL & AUDIO WEBCAST

Lightbridge will host a conference call on Tuesday, August 12, at 4:00 p.m. ET to discuss the Company’s financial results and provide an update on its fuel development activities. The conference call will be led by Seth Grae, President & Chief Executive Officer, with other Lightbridge executives available to answer questions.

To access the call by phone, please register using this link (registration link), and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes before the scheduled start time. The webcast can be accessed at the following link (webcast).

A webcast replay will also be available for a limited time at the following link (webcast replay).

About Lightbridge Corporation 
Lightbridge Corporation (NASDAQ: LTBR) is focused on developing advanced nuclear fuel technology essential for delivering abundant, zero-emission, clean energy and providing energy security to the world. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for existing light water reactors and pressurized heavy water reactors, significantly enhancing reactor safety, economics, and proliferation resistance. The Company is also developing Lightbridge Fuel for new small modular reactors (SMRs) to bring the same benefits plus load-following with renewables on a zero-carbon electric grid.

Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance LLC, the United States Department of Energy’s operating contractor for Idaho National Laboratory, the United States' lead nuclear energy research and development laboratory. DOE’s Gateway for Accelerated Innovation in Nuclear program has twice awarded Lightbridge to support the development of Lightbridge Fuel over the past several years. Lightbridge is participating in two university-led studies through the DOE Nuclear Energy University Program at Massachusetts Institute of Technology and Texas A&M University. An extensive worldwide patent portfolio backs Lightbridge’s innovative fuel technology. Lightbridge is included in the Russell 2000® Index and the Russell 3000® Index. For more information, please visit www.ltbridge.com.

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Lightbridge is on YouTube. Subscribe to access past demonstrations, interviews, and other video content at https://www.youtube.com/@lightbridgecorporation

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Forward Looking Statements
With the exception of historical matters, the matters discussed herein are forward-looking statements. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to: Lightbridge’s ability to commercialize its nuclear fuel technology; the degree of market adoption of Lightbridge’s product and service offerings; Lightbridge’s ability to fund general corporate overhead and outside research and development costs; market competition; our ability to attract and retain qualified employees; dependence on strategic partners; demand for fuel for nuclear reactors; Lightbridge’s ability to manage its business effectively in a rapidly evolving market; the availability of nuclear test reactors and the risks associated with unexpected changes in Lightbridge’s fuel development timeline; the increased costs associated with metallization of Lightbridge’s nuclear fuel; public perception of nuclear energy generally; changes in the political environment; risks associated with war in Europe; changes in the laws, rules and regulations governing Lightbridge’s business; development and utilization of, and challenges to, Lightbridge’s intellectual property; risks associated with potential shareholder activism; potential and contingent liabilities; as well as other factors described in Lightbridge's filings with the Securities and Exchange Commission (the “SEC”). Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.

A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in its other filings with the SEC, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Statements”, all of which are available at http://www.sec.gov/ and www.ltbridge.com.

Investor Relations Contact: 
Matthew Abenante, IRC 
Director of Investor Relations  
Tel: +1 (347) 947-2093  
ir@ltbridge.com

LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
	June 30,				December 31,
	2025				2024
ASSETS
Current Assets
Cash and cash equivalents	$	97,901,357			$	39,990,827
Prepaid expenses and other current assets		460,913				324,378
Total Current Assets		98,362,270				40,315,205
Other Assets
Prepaid project costs and other long-term assets		491,719				528,805
Trademarks		114,981				108,865
Total Assets	$	98,968,970			$	40,952,875
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	1,194,377			$	424,585
Total Current Liabilities		1,194,377				424,585
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 authorized shares, No shares issued and outstanding at June 30, 2025 and December 31, 2024		—				—
Common stock, $0.001 par value, 100,000,000 authorized, 25,545,488 shares and 18,783,912 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		25,545				18,784
Additional paid-in capital		270,225,336				204,694,348
Accumulated deficit		(172,476,288	)			(164,184,842	)
Total Stockholders’ Equity		97,774,593				40,528,290
Total Liabilities and Stockholders’ Equity	$	98,968,970			$	40,952,875

LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2025				2024				2025				2024
Operating Expenses
General and administrative	$	2,502,637			$	1,792,613			$	5,982,647			$	3,950,358
Research and development		1,639,864				909,612				3,305,777				1,933,435
Total Operating Expenses		4,142,501				2,702,225				9,288,424				5,883,793
Operating Loss		(4,142,501	)			(2,702,225	)			(9,288,424	)			(5,883,793	)
Other Income
Interest income		622,067				327,591				996,978				689,575
Total Other Income		622,067				327,591				996,978				689,575
Net Loss Before Income Taxes		(3,520,434	)			(2,374,634	)			(8,291,446	)			(5,194,218	)
Income taxes		—				—				—				—
Net Loss	$	(3,520,434	)		$	(2,374,634	)		$	(8,291,446	)		$	(5,194,218	)
Net Loss Per Common Share
Basic and diluted	$	(0.16	)		$	(0.17	)		$	(0.40	)		$	(0.38	)
Weighted Average Number of Common Shares Outstanding		22,257,221				13,930,032				20,909,752				13,710,993

LIGHTBRIDGE CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Six Months Ended June 30,
	2025				2024
Operating Activities
Net loss	$	(8,291,446	)		$	(5,194,218	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		2,106,073				856,120
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(226,535	)			(95,605	)
Prepaid project costs and other long-term assets		37,086				6,750
Accounts payable and accrued liabilities		769,792				701,506
Net Cash Used in Operating Activities		(5,605,030	)			(3,725,447	)
Investing Activities
Trademarks		(6,116	)			—
Net Cash Used in Investing Activities		(6,116	)			—
Financing Activities
Net proceeds from the issuances of common stock		63,122,922				2,204,623
Net proceeds from the exercise of stock options		633,375				—
Payments for taxes related to net share settlement of equity awards		(234,621	)			(10,582	)
Net Cash Provided by Financing Activities		63,521,676				2,194,041
Net Increase (Decrease) in Cash and Cash Equivalents		57,910,530				(1,531,406	)
Cash and Cash Equivalents, Beginning of Period		39,990,827				28,598,445
Cash and Cash Equivalents, End of Period	$	97,901,357			$	27,067,039
Supplemental Disclosure of Cash Flow Information
Cash paid during the period:
Interest paid	$	—			$	—
Income taxes paid	$	—			$	—
Non-Cash Financing Activities:
Payment of accrued liabilities with common stock	$	15,000			$	15,000

FAQ

What were Lightbridge's (LTBR) key financial results for Q2 2025?

Lightbridge reported $97.9 million in cash and cash equivalents, a net loss of $3.5 million, and R&D expenses of $1.6 million. Working capital stood at $97.2 million as of June 30, 2025.

What major milestones did Lightbridge (LTBR) achieve in 2025?

Lightbridge achieved successful co-extrusion demonstration at Idaho National Laboratory, completed final experiment design review for irradiation testing, and successfully fabricated enriched uranium-zirconium alloy coupon samples.

How much did Lightbridge's (LTBR) R&D expenses increase in Q2 2025?

Lightbridge's R&D expenses increased by $0.7 million to $1.6 million in Q2 2025, compared to $0.9 million in Q2 2024, primarily due to increased development activities for Lightbridge Fuel.

What is Lightbridge's (LTBR) current cash position and how has it changed?

Lightbridge had $97.9 million in cash and cash equivalents as of June 30, 2025, an increase of $57.9 million from $40.0 million at December 31, 2024.

How did Lightbridge's (LTBR) working capital change in 2025?

Lightbridge's working capital increased to $97.2 million as of June 30, 2025, compared to $39.9 million at December 31, 2024, representing a significant improvement in their financial position.